Except, of course for that pesky 3.5% down payment minimum vs. traditional minimums of 20%. This, from an agency that holds a 0.53 reserve level, even though it is required by Congress to hold a level of 2% (which is still well below traditional banks). And why shouldn't we believe Mr. Donovan? Like 92% of all Obama appointees, Donovan spent his entire career in government, but he has a Harvard degree, so he is obviously knowledgeable about private markets...